BMI View:Sustained lower prices are restricting investment in the Azeri oil sector and risk accelerating decline rates at the country's major maturing assets. After stabilisation in 2016, we forecast renewed downside to Azeri oil production from 2017, due to a lack of new output brought on stream. Condensates production from the Shah Deniz Phase II will offer temporary upside in 2019, but this will be insufficient to sustainably reverse the overall trend of decline. Gas production is set for significant growth and we note large upside risk over the longer term, due to a substantial undeveloped resource base and growing plans for investment. However, production will lag unrestrained demand in the coming years, putting a temporary lid on consumption. The refining sector will continue to struggle, due to low complexity and ageing infrastructure and a continued lack of investment.

Latest Updates And Key Forecasts

- The country boasts substantial, prospective and underexplored acreage, in particular offshore in the South Caspian basin. SOCAR has also announced plans to restart onshore exploration, targeting ultra-deep oil deposits.

- A shortage of drilling rigs continues to delimit drilling activity in the Caspian Sea. A spate of exploration and appraisal, development and production wells are set to be spud by 2017; SOCAR needs to secure additional drilling rigs in the coming quarters if it is to avoid the emergence of a major bottleneck in its upstream.

Gas Detection Equipment Market: Scope and Methodology This report on the global gas detection equipment market provides analysis both in terms of value and shipment for the period from 2014 to 2024, wherein ...

“Environmental remediation market to grow at a high CAGR of 7.62% between 2016 and 2022” The environmental remediation market is expected to reach USD 123.13 billion by 2022, at a CAGR of 7.62% between ...